Aldar Properties Acquires Hamra Mall

In line with its expansion plans in the emirate.

Aldar acquired Hamra Mall in Ras Al Khaimah for 410 million dirhams, with the company entitled to develop additional spaces

The deal represents Aldar Investments’ first acquisition outside the Emirate of Abu Dhabi

Abu Dhabi, UAE: Aldar Properties (“Aldar”), through its subsidiary Aldar Investments, announced the implementation of its first investment transaction in Ras Al Khaimah, after acquiring the 27,000-square-foot Al Hamra Mall, and developed. square meters Al Hamra, the Ras Al Khaimah-based real estate development and investment company, for 410 million dirhams.

This transaction will strengthen the Group’s efforts to expand and diversify the portfolio of Aldar Investments’ assets, in particular as it manages more than 22 billion dirhams of residential, commercial, educational and other retail and hospitality properties.

Aldar Investments is adopting expansion plans in which it strives to invest in the development of Al Hamra Mall, by enhancing its offering and entertainment options, adding a luxury group of brands, in addition to improving the level of customer experience, with the aims to increase sales growth and attract a wider segment of visitors. Under the terms of this transaction, Aldar will have the right to develop an additional 11,200 square meters within the gross floor area of ​​the shopping center, with an option to acquire 7,400 square meters for retail and commercial use.

Talal Al Dhiyebi, CEO of Aldar Properties Group, commented on the deal: “Ras Al Khaimah offers wide prospects for promising investment opportunities for Aldar, as the emirate is full of promising potential due to its ideal location, local market dynamics, and its leading position as an attractive tourist destination.Despite the conditions imposed by the pandemic, Ras Al Khaimah has maintained its position as a major investment destination in the UAE and we look forward to strengthening our presence in the Emirates.By Aldar Investments continues to evaluate profitable opportunities to make optimal use of our capital within a new set of regions and assets, as part of our comprehensive strategy to enhance the company’s growth, and this transaction falls under our plans to benefit from the potential of Aldar to invest in supporting our growth and diversify our assets to the great benefit of our equity parents.”

In turn, Jassim Saleh Busayba, CEO of Aldar Investments, said: “At a time when the local retail sector is continuing to recover from the repercussions of the global pandemic, the acquisition of Al Hamra Mall is a vital pillar in Aldar Investments’ strategy to transform and move forward to take advantage of the momentum of one of the The most important development destinations in Ras Al Khaimah. Our company has shown high levels of resilience and strong performance to meet challenges over the past two years, and we continue to generate stable and recurring revenue. “We are in a strong position to qualify for more acquisitions, such as this one, in addition to leveraging our global asset management capabilities to deliver strong results in terms of value and revenue.”

Al Hamra Real Estate Development is involved in the development of leading lifestyle real estate projects, as well as investments in the hospitality and leisure sectors in Ras Al Khaimah. Since its inception, the company has played an important role in shaping the property scene in Ras Al Khaimah through groundbreaking development projects and world-class services provided in line with the emirate’s growth strategy.

In this context, Benoy Kurian, CEO of Al Hamra, said: “Al Hamra Mall is one of the leading commercial and entertainment destinations in Ras Al Khaimah and the Northern Emirates. We are pleased to welcome Aldar to Ras Al Khaimah, which through this strategic investment, will enhance this highly sought-after destination.This investment reflects the great potential of Ras Al Khaimah as a major tourism and commercial center for internal investment, and the long-term vision of His Highness Sheikh Saud bin Saqr Al Qasimi, Member of the Supreme Council and Ruler of Ras Al Khaimah, in the development of iconic projects that serve the community. ”

Completed in 2009, Al Hamra Mall is a vibrant shopping destination, ideally located in the heart of a densely populated community, and has strong growth potential, benefiting from tourism activity in the emirate and other residential and hospitality projects in Al Hamra Village, Al Marjan Island and the surrounding areas with it.

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About Aldar Company

Aldar is a pioneer in real estate development and management in the UAE, as it adopts a diversified and sustainable business model supported by two major companies, Aldar Development and Aldar Investments.

Aldar Development Company continues its leadership role in developing integrated communities that enrich the lives of residents across the most sought after destinations in the Emirate of Abu Dhabi, including Yas Island, Saadiyat Island, Al Raha Beach and Al Reem Island . It also owns a 65 million-square-foot land portfolio, consisting of three business units: Al Dar Enterprises, and will be responsible for managing the fee-based project management business unit, including a portfolio worth 45 billion dirhams of civic housing and major infrastructure projects; Al-Dar for Entrepreneurship, which is in charge of seizing new business opportunities and developing areas of innovation; and “Al Dar Misr”, a platform focusing on the promising and profitable Egyptian real estate market, as a major market for the development of integrated communities for mixed use.

Aldar Investments consists of the Asset Management Unit of the Aldar Group, which includes an AED 16 billion portfolio of recurring income-producing real estate assets in the retail, residential and commercial communities. It also manages the three main platforms: Aldar for Education, Aldar Properties and Aldar Hospitality and Leisure. The Aldar Education platform includes a portfolio of educational assets, including Aldar Academies, a leading educational group in Abu Dhabi with a portfolio of 20 schools and more than 24,000 students in addition to a growing network of 3,000 teachers who belongs to more than 100 nationalities, and it accepts a wide range of educational curricula and additional services such as the Teacher Training Academy.

While “Aldar Properties” integrates commercial and residential real estate operations within the portfolio of “Provis”, a property management company, it also includes the management of communities through an integrated property management platform. Aldar Hospitality and Leisure Company is responsible for overseeing the portfolio of hotel and leisure assets of the home, located primarily on Yas Island and Saadiyat Island, including the hotel portfolio of 10 hotels, with a total of 2,900 hotel rooms, in addition to the management of operations over golf courses and clubs.Beach and marinas.

Aldar’s shares are listed on the Abu Dhabi Securities Exchange (trading code: ALDAR: UH), and the company’s business generates stable recurring profits and income, and has a broad and diversified shareholder base. Aldar adopts the best standards of corporate governance, and is committed to managing sustainable operations over the long term, in order to continually add value to its shareholders.

Aldar adopts an ambitious vision as it strives to be the most trusted property developer and manager in the region, and it plays a crucial role in developing high-quality, comfortable destinations that meet the needs of community members and across the ingredients and abilities possess what is needed. for work, life and leisure.

More about “Al Hamra”

“Al Hamra” Real Estate Development is a real estate investment and development company based in the Emirate Ras Al Khaimah that develops pioneering real estate projects for lifestyle, as well as investments in the hospitality and entertainment sectors. Since its launch in 2003, “Al Hamra” has played a key role in shaping the real estate sector scene in Ras Al Khaimah to contribute to the emirate’s growth.

Al Hamra is committed to establishing a new concept of lifestyle, luxury and hospitality through the eco-friendly Al Hamra Village, developed with the benefit of its excellent location near Dubai, just 40 minutes from the city, in addition to its proximity . to the airport and free trade zones.

Under the “Al Hamra” brand, it includes the award-winning Al Hamra Golf Club, Al Hamra Marina & Yacht Club, Manar Mall, the award-winning Al Hamra Village and Al Hamra property development. Al Hamra also developed the Waldorf Astoria Ras Al Khaimah Hotel, the Hilton Al Hamra Beach Golf Resort and the Ritz-Carlton Ras Al Khaimah, Al Hamra Beach.

For the latest updates and news, follow Al Hamra on Instagram; Twitter; Facebook; LinkedIn.

© Press release 2022

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